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<Research>BofAS Lifts CHINA OVERSEAS (00688.HK) TP to HKD19, Positive on Sector Recovery
Recommend 11 Positive 12 Negative 4 |
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BofA Securities retained a positive view on China's real estate sector, believing the recovery will be multi-staged and divergent. The broker noted that sector fundamentals have upside, mainly driven by pricing power of luxury residential projects in Tier-1 cities and signs that more Tier-2 city markets are bottoming out. It maintained a constructive stance on the sector, particularly favoring the high-end residential segment. BofA Securities raised the TP for CHINA OVERSEAS (00688.HK) from HKD17 to HKD19 to reflect upward revisions to its 2028 EPS forecasts, and maintained a Buy rating. The broker attributed the TP hike to higher margin forecasts and the rollover to 2028 projections. BofA Securities noted that quality SOEs are trading at around 8.5x 2028E PE, slightly above historical averages, and valuations still have upside if the recovery is confirmed. Its top picks in the China property sector are CHINA OVERSEAS, CHINA RES LAND (01109.HK) and C&D INTL GROUP (01908.HK). Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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